As parents, what are your biggest concerns? It’s not too far fetch to say that your children are one of your greatest priorities in life. We all want the best for our little ones – right from the very first time we hold them in our arms, to the time they can finally stand on their own feet. Everything about them matters to us. Whether they have enough to eat, to wear, a good school to go to and if they can get into a choice higher institution and carve a career for themselves. And as parents, that would mean looking into building a nest egg for our children’s future use when time is still on their side.
As I’m writing this, I’m aware that there are people who advocate their children earning a scholarship or some merit programme on their own.
FAMA sponsor is only for the rich, the spoiled and millennials who take things for granted. I mean, well. That train of thought is not wrong, but my personal take on this is, if you can afford to save and invest for your children – do it. It will give them a head start in life and at least something to fall back on.
After all, scholarships are not guaranteed. Places are limited. There are certain unavoidable quota and admission criteria to enter public universities in this country. And private universities are expensive locally. And let’s not go into studying overseas. You can do the math. All these require years and years of savings and investments.
B-but it’ll make them weak, it’ll teach them to take things for granted and think that life is easy and everything should be handed on a silver platter.
I hear you. As a former (international) school teacher, I see this exact scenario in so many ways. And I do agree to a certain extent. This is an approach to parenting which I will not go into in this article. It’s not about the money saved for them, more so than teaching them the value of money. If you’re afraid of bringing up children that are “soft” and highly dependent on 360 ° support and help, consider the following:
Financial education is a lifelong process that is slowly honed from young. First we must sow the right seed and let it take root before we can see the buds bloom and reap the fruits of our labour. It’s not about giving them money freely. It’s about educating them that money does not come freely. And when they finally DO receive whatever education funds from you, rest assured that they will be appreciative of it with an acute sense of financial knowledge and prudence.
And if they are blessed enough down the road to receive a scholarship, then all the better. The funds from the nest egg you built some 20 years ago can be put into other use such as their marriage fund, capital for their business or lifelong/emergency savings.
Let me end this article with this quote:
Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.
At the end of the day, what truly matters is not your wealth, your inheritance or the most well-built nest egg with all your savings and different investment vehicles.
The greatest nest egg you can give your children is the knowledge and wisdom to sustain, build and multiply their wealth in every season of their lives.
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